This is the second part of a newsletter addressing a recent change in Florida law regarding divorce and beneficiary-designated assets such as life insurance, retirement plans, pay-on-death accounts and annuities. As of July 1, 2012, a new Florida statute
avoids the distribution of this type of asset to an ex-spouse beneficiary by pretending that the ex-spouse died before the owner. Part One of this newsletter explained when this new law starts protecting assets and who receives the assets instead of the
ex-spouse. This part provides some additional considerations for those who might be affected by the new statute.

Our clients and friends often ask us what would happen to their estate plan if they got divorced. For years, the answer in Florida has been that the law will write your ex-spouse out of your will or trust by pretending that the ex-spouse is deceased. But, until now, the law did not provide any help for life insurance policies and other assets that still named the “ex” as beneficiary. As of July 1, 2012, a new Florida statute now also treats the ex-spouse as deceased for beneficiary-designated assets such as life insurance, retirement plans, pay-on-death accounts and annuities.

Last week, we wrote about a unique automobile that sparked a legal battle and ultimately fell into the wrong hands due to a lack of planning. We encouraged everyone who owns any kind of special item to plan now to avoid expense and stress later. This is especially true for collectible items, such as art, coins, stamps, antiques, etc.

We recently came across a case where a man owned an automobile that had a high value both sentimentally and monetarily. However, like many clients we have seen over the years, he put off estate planning until he was on his death bed and then did only a simple will. Shortly after the man’s death, his estranged son showed up with the title to the automobile dated one day before the man’s death and with an obviously forged signature. After a long civil and criminal court battle and thousands of dollars of attorneys’ fees later, the second wife gave up and let the estranged son keep the automobile.

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